Latest News | GIC Housing Posts Rs 21 Cr Net Profit in Jul-Sep

New Delhi, Nov 11 (PTI) GIC Housing Finance on Wednesday reported a net profit of Rs 20.60 crore in the second quarter ended September of this fiscal.

It had posted a net loss of Rs 9.97 crore in the same quarter a year ago. The company had registered a net loss of Rs 55.71 crore in the first quarter ended June 2020 of this fiscal.

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Total income rose marginally to Rs 316.02 crore in July-September quarter of 2020-21 from Rs 313.24 crore in the same period a year ago, GIC Housing Finance said in a regulatory filing.

While calculating ECL (expected credit loss) that affects financial results, the company has taken into account its historical experience of losses, updated to reflect current conditions of pandemic and moratorium as well as forecasts of future economic conditions, it said.

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"The company has obtained physical possession of properties under SARFAESI Act and is in the process of selling the same. These properties are classified as 'Assets Held for Sale' and carried at the lower of cost or realisable value," it added.

The company's main business is to provide loans for purchase or constructions of residential houses.

Shares of GIC Housing on Wednesday closed 1.12 per cent higher at Rs 106.10 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)